Chesapeake System Solutions, a premier provider of integrated financial governance, risk and compliance software solutions to the world's foremost enterprises, announced today that Cumberland Farms, the largest privately held convenience store/petroleum marketer in the Northeast with about 1,000 locations from Maine to Florida, has selected Chesapeake IDM (Internet Data Manager) and SmartAnalysis with SmartAnalysis RM to minimize risk and promote savings in the corporation's treasury operations.
IDM automates the retrieval and distribution of Internet financial data, giving Cumberland Farms the capability to obtain BAI (bank account information) files across virtually all its banking relationships. SmartAnalysis with SmartAnalysis RM, a sophisticated tool for analyzing commercial bank fee data, automatically verifies application of negotiated discounts. The solution also offers key anti-fraud features by maintaining banking relationship data in a single place and allowing one-step editing of important account details, such as authorized signees.
John Daly, Assistant Treasurer, Cumberland Farms, comments, "As a cash business, the daily retrieval and analysis of depository data are critical risk-management activities. Obtaining daily BAI files from larger institutions was not an issue, however, we have an extensive subset of smaller banks that either could not provide this service on a daily basis or could not do so economically. Chesapeake IDM was a perfect fit for us, solving this dilemma simply and affordably while reducing our vulnerability."
"Our numerous banking relationships generate substantial bank fees," Daly continues. "It is not feasible for staff to review hundreds of bank statements to verify the appropriateness of monthly account charges. SmartAnalysis, coupled with IDM, overcomes this obstacle, automatically identifying incorrect fees and pinpointing unnecessary accounts or services. This powerful solution not only verifies charges are correct but also gives us the ability to accumulate usage data and benchmark our fees against industry standards-a clear path to greater savings in our banking activities."
Peter Vogelberger, Chief Executive Officer, Chesapeake System Solutions, says, "Chesapeake strives to continually provide superior treasury management solutions that are responsive to the risk management, governance and compliance challenges companies face today. When a firm the caliber of Cumberland Farms evaluates all the marketplace options and selects our software to solve its business needs, I know that our commitment to integration, innovation and customer service is achieving the desired results."